The company, based in Fort Worth, Texas, released a statement saying that it reached a plan with lenders to provide it with $256 million. It will try to find a buyer for the company.Pier 1 previously announced it will close up to 450 stores, including all its locations in Canada. Around 400 stores have already closed or started going-out-of-business sales, according to the statement.The company currently has more than 500 stores open.
The company lost $59 million.Pier 1 is far from the only casualty of retail competition and shifting consumer habits. In 2019, US retailers announced 9,302 store closings, a 59% jump from 2018 and the highest number since Coresight Research began tracking the data in 2012. So far this year, Macy's , Papyrus and others have announced store closings.The home goods sector has been hit particularly hard by the rise of Amazon , Wayfair and other online competition.
Big Box stores can't compete with low-overhead Internet retailers. As they go under, Amazon will jack up prices knowing that the competition has disappeared. China-direct sales, however, will swoop in to undercut bricks-and-mortar and Internet middlemen alike — to include Amazon.
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